Almost alone among the states, Florida has practised encouraging rather than penalizing capitalists through her tax laws. State income and inheritance taxes there have been forbidden by the Florida Constitution. Gloomy critics prophesied that the loss to the state from these sources of revenue would have to be made up by heavy taxes in other directions.
But just the opposite tendency has actually been experienced. Instead of corporation taxes being raised, they have been slashed to the low level of the Delaware corporate imposts. The public utilities have been left alone. Instead of...
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